Business Brief
Gas Prices Jump Again
As if we hadn’t noticed, fuel prices at Southern California gas stations surged by as much as 10 cents a gallon in the last two weeks, according to a special survey by the Automobile Club of Southern California.
The Auto Club surveyed gas prices in 10 Southern California communities included in its monthly survey of 47 cities, and found the price jump since its Feb. 15 survey ranged from 2.3 percent in San Luis Obispo to 7.7 percent in Van Nuys.
Southern California prices for regular self-serve unleaded gasoline range from an average of $1.392 a gallon in La Habra to an average of $1.610 a gallon in Santa Barbara. Regular unleaded in San Diego was selling for an average of $1.544.
Oil industry analysts say the unusual price hikes stem from low inventories of crude oil created by the Organization of Petroleum Exporting Countries’ continued cutback on oil production, which has forced oil prices beyond $30 per barrel.
Hiring Expected To Pick Up
San Diego employers foresee an outstanding hiring pace this spring, according to the Second Quarter Employment Outlook Survey, released today by Manpower Inc.
Among area companies responding to the survey, 56 percent will recruit more workers during April, May and June, 6 percent expect to cut back and 38 percent report that no changes are anticipated.
For the same period in 1999, 47 percent forecast adding staff and 10 percent predicted personnel reductions. Three months ago the climate was pleasant when 39 percent projected more hires, while 20 percent indicated employment levels would decrease.
NASSCO Awarded Final ROLO Contract
National Steel and Shipbuilding Co. (NASSCO) has been awarded a $230 million contract to build its eighth Large Medium Speed Roll-on/Roll-off (LMSR) ship under the U.S. Navy’s Strategic Sealift Program.
The contract completes the 20-ship LMSR program, which NASSCO has shared with other American shipbuilders. NASSCO has won contracts for 11 of the vessels , three conversions and eight new construction.
This new contract will keep approximately 1,000 NASSCO workers, as well as hundreds more in supplier companies, employed over the life of the contract. Construction will commence this summer with delivery of the ship scheduled in mid-2002.
Invitrogen Announces Private Placement
Invitrogen Corp. announced a private placement of $150 million, 5.5 percent convertible subordinated notes due 2007 will be issued at 100 percent of the principal amount. The offering was expected to close March 1.
The offering is being made to qualified institutional buyers. The notes, due March 1, 2007, are convertible into shares of Invitrogen common stock at any time at a conversion price of $85.20. The convertible notes accrue interest that will be payable semiannually.
Invitrogen has granted the initial purchasers of the convertible notes an option to purchase up to an additional $22.5 million principal amount of notes to cover over-allotments, if any.
REMEC Files For Public Offering
REMEC, Inc. has filed a registration statement with the Securities and Exchange Commission for a public offering of 4.31 million shares of common stock.
Of the shares offered, 3.5 million shares are being sold by the company; 250,000 shares held by one shareholder; and 562,000 shares held by certain selling shareholders, if the underwriters exercise their over-allotment option.
The offering is being made through an underwriting group managed by Needham & Co. Inc., CIBC World Markets, Dain Rauscher Wessels and A.G. Edwards & Sons, Inc.
ITEC Signs Distribution Agreement
Imaging Technologies Corp. signed
a master distribution agreement for
its ColorBlind Software products
with TypeMaker Ltd. of Birmingham, England.
The agreement has an annual potential to ITEC of $2.5 million.
The agreement also establishes a relationship that will include joint technology development between the two companies, which both have color management experts on staff.
